Kaisa Group 1638

[winston]

Hong Kong’s Kaisa Group defaults on US$52m loan after chairman resigns

http://www.themalaymailonline.com/money ... 2jGW5.dpuf

[winston]

not vested

Shares of Shenzhen-based Kaisa Group Holdings (1638) are still suspended.

Its stock price fell by half in 2014. Its high-yield bond plunged to 60 percent below its issue price after Kaisa's chairman resigned, triggering a default on one of its loans.

HSBC had requested Kaisa to repay a HK$400 million loan last Wednesday but failed. Normally, banks will waive some cross-default events and avoid calling in the loan if they can reach the management for discussion.

But in the case of Kaisa, its chairman, vice chairman and CFO all resigned. Who can the bankers talk to?

If you bought into Kaisa's US$800 million (HK$6.24 billion) five-year bond issued in March 2013 with an 8.875 percent coupon at par 100 cents, you can only sell it at 40 cents now!

Its US$500 million seven-year 10.25 percent coupon bond, due 2020, also fell to a similar price level.

Kaisa's woes came after the Shenzhen authorities blocked several of its projects. The developer's debt-to-equity ratio is 120 percent with about US$2.82 billion in bonds and loans.

It has projects in more than 30 cities and a total land bank of 23.6 million square meters sufficient for development for the next five years.

Source: The Standard HK

[winston]

not vested

Shares of Shenzhen-based Kaisa Group Holdings (1638) are still suspended.

Its stock price fell by half in 2014. Its high-yield bond plunged to 60 percent below its issue price after Kaisa's chairman resigned, triggering a default on one of its loans.

HSBC had requested Kaisa to repay a HK$400 million loan last Wednesday but failed. Normally, banks will waive some cross-default events and avoid calling in the loan if they can reach the management for discussion.

But in the case of Kaisa, its chairman, vice chairman and CFO all resigned. Who can the bankers talk to?

If you bought into Kaisa's US$800 million (HK$6.24 billion) five-year bond issued in March 2013 with an 8.875 percent coupon at par 100 cents, you can only sell it at 40 cents now!

Its US$500 million seven-year 10.25 percent coupon bond, due 2020, also fell to a similar price level.

Kaisa's woes came after the Shenzhen authorities blocked several of its projects. The developer's debt-to-equity ratio is 120 percent with about US$2.82 billion in bonds and loans.

It has projects in more than 30 cities and a total land bank of 23.6 million square meters sufficient for development for the next five years.

Source: The Standard HK

[winston]

not vested

Kaisa Bonds Show Distress as Default Looms Following S&P Cut

http://www.bloomberg.com/news/2015-01-0 ... efund.html

[behappyalways]

棄自救　佳兆業玉石俱焚
今到期付債息　傳被申請凍結資產
http://hk.apple.nextmedia.com/financees ... 8/18995294

[behappyalways]

Kaisa Bonds Rise as Company Declines to Say Whether Coupon Paid
http://www.bloomberg.com/news/2015-01-0 ... oupon.html

[behappyalways]

Three Creditors 'Ask Shenzhen Court to Freeze Assets of Developer Kaisa'
http://english.caixin.com/2015-01-09/100772906.html


Kaisa Bondholders Are Dreaming of White Knight While Default Becomes Reality
http://www.bloomberg.com/news/2015-01-0 ... -real.html

[behappyalways]

Kaisa Bondholders Said Not to Have Received Dollar Bond Payment
http://www.bloomberg.com/news/2015-01-1 ... r-not.html

[behappyalways]

Kaisa Dollar Bonds Rally as Developer Gets Loan Default Waiver
http://www.bloomberg.com/news/2015-01-1 ... lders.html

[behappyalways]

Kaisa on Brink of Dollar Default Spooks Money Managers
http://www.bloomberg.com/news/2015-01-1 ... agers.html